Davis Selected Advisers Decreases Stock Position in IAC Inc. $IAC

Davis Selected Advisers cut its position in IAC Inc. (NASDAQ:IAC) by 14.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,280,775 shares of the company’s stock after selling 377,007 shares during the period. Davis Selected Advisers’ holdings in IAC were worth $85,164,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in IAC. GAMMA Investing LLC lifted its holdings in IAC by 48.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,124 shares of the company’s stock valued at $42,000 after purchasing an additional 367 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of IAC by 240.3% during the second quarter. Farther Finance Advisors LLC now owns 1,174 shares of the company’s stock worth $44,000 after buying an additional 829 shares in the last quarter. Atticus Wealth Management LLC acquired a new stake in shares of IAC in the second quarter valued at about $51,000. North Capital Inc. purchased a new position in shares of IAC in the second quarter worth about $75,000. Finally, US Bancorp DE boosted its position in IAC by 21.9% during the first quarter. US Bancorp DE now owns 2,234 shares of the company’s stock worth $103,000 after acquiring an additional 401 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on IAC shares. Wall Street Zen raised shares of IAC from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Oppenheimer reduced their price objective on IAC from $60.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 6th. KeyCorp lowered their price objective on IAC from $45.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday, November 3rd. Benchmark cut their target price on IAC from $60.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Finally, Truist Financial reduced their price target on IAC from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, IAC has an average rating of “Moderate Buy” and an average target price of $46.73.

IAC Price Performance

IAC stock opened at $33.87 on Friday. IAC Inc. has a 52-week low of $29.56 and a 52-week high of $50.49. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 0.29. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of -12.41 and a beta of 1.25. The business has a fifty day moving average of $34.23 and a two-hundred day moving average of $36.22.

IAC (NASDAQ:IAC) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.03). The business had revenue of $589.79 million during the quarter, compared to analyst estimates of $601.86 million. IAC had a negative net margin of 8.27% and a negative return on equity of 4.61%. The business’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same period last year, the company earned ($2.93) EPS. As a group, research analysts anticipate that IAC Inc. will post 0.43 earnings per share for the current year.

IAC Profile

IAC Inc, together with its subsidiaries, operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images across entertainment, food, home, beauty, travel, health, family, luxury, and fashion areas; and magazines related to women and lifestyle.